The Display hangs as soon as I boot into windows with "Optimized BIOS settings". The problem resolves on changing the DRAM Voltage from 1.6 Volts to 1.5 Volts and underclocking my CPU. My power supply is of 240 Watts, and the problem persists even after trying a 500 Watt power supply.
That memory isn't on the qualified vendor list for that motherboard. It won't work unless you run it at 1333 @ 1.5V. Also, you probably shouldn't run a Sandy Bridge at 1.65V anyhow. I've read it wasn't supposed to go that high and could cause some serious damage the the CPU down the road. Might want to take a few seconds and google that for yourself.
Lastly, if I recall correctly, that memory is pretty dated (I think from the old 1366 days, or Socket 1156). Best option is run it at 1333 at 1.5V or replace it with stuff on the qualified vendor list.